Emmett Investment Management LP Cuts Position in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Emmett Investment Management LP trimmed its stake in Monarch Casino & Resort (NASDAQ:MCRI) by 31.2% in Q3, selling 20,488 shares and now holds 45,168 shares (about $4.77M), which represents 3.4% of Emmett’s portfolio and its 12th largest position.
• CEO John Farahi sold 1,000 shares at an average price of $100.63 on December 17, reducing his stake by 0.18%; insiders collectively own 25.52% of the company.
• Monarch reported quarterly EPS of $1.25, missing estimates by $0.12 while revenue was $140.0M, and announced a quarterly dividend of $0.30 per share payable March 16 (ex-dividend March 2).

Emmett Investment Management LP trimmed its stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 31.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,168 shares of the company's stock after selling 20,488 shares during the period. Monarch Casino & Resort accounts for 3.4% of Emmett Investment Management LP's portfolio, making the stock its 12th largest position. Emmett Investment Management LP owned 0.25% of Monarch Casino & Resort worth $4,772,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in MCRI. Farther Finance Advisors LLC grew its stake in Monarch Casino & Resort by 199.1% in the third quarter. Farther Finance Advisors LLC now owns 329 shares of the company's stock valued at $35,000 after purchasing an additional 219 shares during the last quarter. Osaic Holdings Inc. lifted its position in shares of Monarch Casino & Resort by 210.0% during the second quarter. Osaic Holdings Inc. now owns 465 shares of the company's stock valued at $40,000 after buying an additional 315 shares during the last quarter. USA Financial Formulas purchased a new stake in shares of Monarch Casino & Resort during the third quarter valued at about $47,000. TD Private Client Wealth LLC boosted its holdings in shares of Monarch Casino & Resort by 57.1% in the 3rd quarter. TD Private Client Wealth LLC now owns 594 shares of the company's stock valued at $63,000 after buying an additional 216 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of Monarch Casino & Resort by 46.4% in the 3rd quarter. Blue Trust Inc. now owns 612 shares of the company's stock valued at $65,000 after buying an additional 194 shares in the last quarter. 62.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Monarch Casino & Resort

In other news, CEO John Farahi sold 1,000 shares of the business's stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $100.63, for a total transaction of $100,630.00. Following the sale, the chief executive officer directly owned 553,110 shares of the company's stock, valued at $55,659,459.30. The trade was a 0.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 25.52% of the company's stock.

Monarch Casino & Resort Stock Up 0.8%

MCRI opened at $100.41 on Friday. The company has a market cap of $1.80 billion, a P/E ratio of 18.49 and a beta of 1.29. The firm's 50-day moving average price is $94.49 and its 200-day moving average price is $96.85. Monarch Casino & Resort, Inc. has a 52-week low of $69.99 and a 52-week high of $113.88.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last released its earnings results on Wednesday, February 4th. The company reported $1.25 EPS for the quarter, missing analysts' consensus estimates of $1.37 by ($0.12). The company had revenue of $140.00 million during the quarter, compared to analyst estimates of $139.39 million. Monarch Casino & Resort had a return on equity of 18.68% and a net margin of 18.60%.The firm's revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter last year, the business earned $0.22 earnings per share. On average, research analysts anticipate that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Monday, March 2nd. Monarch Casino & Resort's payout ratio is presently 22.10%.

Analyst Upgrades and Downgrades

MCRI has been the subject of a number of analyst reports. Weiss Ratings reissued a "buy (b-)" rating on shares of Monarch Casino & Resort in a research report on Monday, December 29th. Zacks Research raised shares of Monarch Casino & Resort from a "hold" rating to a "strong-buy" rating in a report on Friday, February 6th. Wells Fargo & Company upped their price target on Monarch Casino & Resort from $92.00 to $93.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 5th. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $112.00 price objective on shares of Monarch Casino & Resort in a research report on Wednesday, December 24th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $99.80.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company's flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property's showroom.

Monarch's revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.

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